Nigeria and Indonesia Open Talks on Oil Investments
Nigeria and Indonesia have opened talks on potential oil investments, as Pertamina, the Indonesian national oil company, eyes opportunities in Nigeria's upcoming 2026 licensing round.
Pertamina has been mandated to expand its operations internationally and is exploring opportunities in countries including Malaysia, Iraq, and Nigeria. The company is seeking producing assets, projects nearing production or opportunities ahead of Final Investment Decision (FID).
Nigeria's upstream regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has been discussing petroleum investments with Indonesia. NUPRC chief executive Oritsemeyiwa Eyesan said Nigeria aims to increase oil production to 3 million barrels per day by 2030, from its current level of around 1.6-1.7 million bpd.
Pertamina's vice-president for Upstream Business Development, Toriq Abdat, expressed interest in opportunities beyond crude oil and natural gas, particularly in the fertiliser sector. The company is developing a fertiliser plant to reduce Indonesia's dependence on supplies from the Middle East amid disruptions caused by global conflicts.
The meeting between Nigeria and Indonesia ended with both sides agreeing to sustain commercial and diplomatic engagements on potential areas of cooperation.